Workhorse Bulls Losing Steam - Return to range highs (Long Op)
Pay close attention the next few weeks. I think we're seeing a transition from bear to bull, but the long doesn't have to be forced.
There looks to be plenty of trapped buyers from the descending triangle area that are selling off near their break-even. Also note the near 100% buy volume area just to make it to this level (smart money pushing price up in an instant), and then the waning buy volume at each successive peak (this is retail bulls losing steam). The instant push up creates a FOMO situation, new buyers are flooding in after Trump's tweet too, and the smart money who purchased in the range lows are dumping their holdings for a cool 200% profit.
I expect price to fall at least to the old range highs (blue box), this is where liquidity lies, there will likely be people who shorted here that will gladly sell you their position. Buy there, and you'll be in a great position to sell at these local highs again, or hold for continuation of the developing trend. (or both if you like to cut some after being in the money)
Good day!
There looks to be plenty of trapped buyers from the descending triangle area that are selling off near their break-even. Also note the near 100% buy volume area just to make it to this level (smart money pushing price up in an instant), and then the waning buy volume at each successive peak (this is retail bulls losing steam). The instant push up creates a FOMO situation, new buyers are flooding in after Trump's tweet too, and the smart money who purchased in the range lows are dumping their holdings for a cool 200% profit.
I expect price to fall at least to the old range highs (blue box), this is where liquidity lies, there will likely be people who shorted here that will gladly sell you their position. Buy there, and you'll be in a great position to sell at these local highs again, or hold for continuation of the developing trend. (or both if you like to cut some after being in the money)
Good day!